Kaspi.kz JSC ADR Dossier
Qualitative Analysis
Business overview
Joint Stock Company Kaspi.kz operates a leading transaction-driven, highly profitable, and dividend-paying consumer ecosystem in Kazakhstan. The company operates a unique two-sided Super App model—the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants. Through these integrated platforms, Kaspi.kz delivers services across three core segments: Payments, Marketplace, and Fintech. Payments facilitates electronic transactions between merchants and consumers; Marketplace operates as a third-party e-commerce platform; and Fintech provides consumer finance products, including Buy Now, Pay Later (BNPL) and consumer loans. In early 2025, Kaspi.kz expanded its geographic footprint by acquiring a controlling stake in Hepsiburada, a leading Turkish e-commerce platform.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
An innovative biometric payment service from Kaspi Pay that allows customers to make purchases, withdraw cash, and deposit funds at Kaspi ATMs using palm-vein scanning without needing a smartphone, card, or internet connection.
Expanding Kaspi's product culture, e-commerce, payments, and fintech expertise to Türkiye's market of 85 million people, primarily through its controlling stake in Hepsiburada.
Expected impact: Establishes a multi-country footprint to support the long-term goal of becoming a 100 million user company.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
To expand Kaspi.kz's addressable market to Türkiye, leveraging combined technology and marketplace expertise to drive long-term e-commerce growth.
Financial impact: Contributed KZT 1,031,592 million of segment revenue in Türkiye in 2025, though it recorded a KZT 93,018 million net loss as it is managed near EBITDA breakeven.
Strategic Partnerships
Tencent joined as one of Kaspi.kz's largest shareholders through a secondary purchase of 6 million ADSs. As a pioneer of the super app model, Tencent's involvement validates Kaspi's strategy and offers potential product and technological synergies.
Terms: Part of a $300M+ secondary transaction from Baring Fintech Venture Funds completed on April 20, 2026.
Agreement to acquire Rabobank's Turkish subsidiary, Rabobank A.Ş., a fully licensed bank in Türkiye with no branch network and 27 employees, to establish local banking capabilities.
Terms: Approximately USD 66 million, expected to close in mid-2026 pending regulatory approvals.